12. When the government of Indonesia imposes a tax on imported electronics products to
help its young electronics industry compete in the global marketplace, it’s imposing
a/an _______ on foreign electronics products.
A. import quota C. embargo
B. protective tariff D. revenue tariff

13. Typically, the quantity of products people are willing to buy will _______ when prices
_______.
A. increase; increase C. decrease; increase
B. stay the same; increase D. increase; stay the same

14. The _______, created in 1995, is assigned the task of mediating international trade
disputes.
A. EU C. GATT
B. WTO D. NAFTA

15. In general, a person who owns and operates his or her own business can be thought of
as a/an
A. entrepreneur. C. gambler.
B. manager. D. pioneer.

16. Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe
Motors. Their prices are basically the same for similar vehicles even as their advertising
screams that their products are different. Which kind of competition is going on here?
A. Perfect competition C. Monopolist
B. Monopoly D. Oligopoly